Federation Council Approves Law on International Settlements in Digital Financial Assets

On March 6, the Federation Council approved a law permitting the use of digital financial assets and utilitarian digital rights in international settlements, as reported by TASS.

The amendments are made to the laws “On Currency Regulation and Currency Control” and “On Digital Financial Assets”.

The document classifies the acquisition and disposal of digital assets between a resident and a non-resident as currency operations. The Bank of Russia is granted the authority to determine the conditions and prohibitions for such transactions. Additionally, the regulator will have the right to request information about the beneficial owner of the entity that issued the digital financial assets.

Transactions involving the transfer of utilitarian digital rights, digital financial assets, or hybrid digital financial assets are subject to mandatory oversight by Rosfinmonitoring.

The law will come into effect upon its official publication.

Earlier, ForkLog, together with experts, examined the demand for the new law and its potential impact on the cryptocurrency market in Russia.